Singapore introduces new work visa rules to woo foreign talent

Singapore on Monday announced new work visa rules to woo foreign talent as the Asian financial hub looks to bolster its recovery from the COVID-19 pandemic.

The measures include a new five-year visa for people earning at least S$30,000 ($21,445.42) a month that allows holders to job for multiple companies at one time and grants their spouses eligibility to work.

The new visa will be available from January.

Singapore, a popular location for foreign firms to base their regional headquarters, tightly controlled its borders during the pandemic, leading many expatriates to leave and its population to drop for the first time in nearly two decades.

"We cannot leave any room for investors to doubt or have questions as to whether Singapore remains open," Tan See Leng, the city-state's manpower minister, told a news conference.

"As a country with little or no resources, talent is our only resource and talent acquisition is an offensive strategy for us," he added.

Among the other measures, some tech professionals whose skills are in short supply will from September 2023 be eligible for five-year visas, up from a two- to three-years currently. The processing time for employment passes - typically granted to high-paid professionals - will be also be immediately reduced to 10 days.